The results missed analysts’ expectations and Agco shares fell more than 4 percent.
Company management said sales are being pressured by the worst drought to hit the U.S. in decades, which has decreased demand for tractors and storage units.
“While we don’t expect any lasting impacts from the drought, we are experiencing softness in demand for grain storage and protein production equipment as a result of lower crop production volumes,” said Agco CEO Martin Richenhagen, in a statement.
GM to cut European jobs
DETROIT — Shares of General Motors surged Wednesday after the company announced big job cuts in Europe and reported third-quarter earnings that were far better than Wall Street expected.
The Detroit company said it has cut 2,300 jobs in Europe this year and wants to trim 300 more, part of a larger plan to reduce costs and raise revenue in the struggling region with new vehicles that are more appealing to buyers.
Despite the moves, General Motors Co.’s net profit fell 14 percent as European losses widened and North American earnings dropped due to falling pension income and higher warranty costs.
Star Wars change doubtful
LOS ANGELES — Naysayers would have you believe Disney’s purchase of Lucasfilm can only mean one thing: Bambi and Mickey Mouse are sure to appear in future “Star Wars” movies taking up lightsabers against the dark side of the Force.
Not so, say experts who’ve watched Disney’s recent acquisition strategy closely. If anything, The Walt Disney Co. has earned credibility with diehard fans by keeping its fingerprints off important film franchises like those produced by its Marvel Entertainment and Pixar divisions.
MasterCard income rises
MasterCard's net income rose strongly in the third quarter as its overseas business thrived, the company said Wednesday.
The payments company's business grew by virtually every measure. It processed 8.7 billion transactions, an increase of 24 percent over last year. Excluding the U.S., people spent 15 percent more money using MasterCard-branded cards on a local-currency basis. Americans spent about 7 percent more using MasterCard plastic.
The overall volume of purchases rose 12 percent on a local currency basis to $676 billion.